Early in his campaign, Donald Trump brought up ending the Federal Reserve Bank and switching back to the Gold Standard. Today, President-Elect Trump is meeting with John Allison, the former CEO of the bank BB&T and of the libertarian think tank the Cato Institute under consideration for Treasury Secretary.
Allison is no stranger to wanting to rid the US of the Federal Banking Reserve:
“I would get rid of the Federal Reserve because the volatility in the economy is primarily caused by the Fed,” Allison wrote in 2014 for the Cato Journal, a publication of the institute.
Allison also suggested that the government’s practice of insuring bank deposits up to $250,000 should be abolished and the US should go back to a banking system backed by “a market standard such as gold.”
“When the Fed is radically changing the money supply, distorting interest rates, and over-regulating the financial sector, it makes rational economic calculation difficult,” Allison wrote. “Markets do form bubbles, but the Fed makes them worse.”ADVERTISEMENT
It has always been rumored that JFK was the last President to attempt this, which lead to his assassination, according to some theories.